Coinbase has announced plans to launch cbBTC, a wrapped version of Bitcoin, on its Base network. Although the details are not yet disclosed, this move aims to expand Coinbase’s tokenized asset offerings and potentially reshape the landscape of wrapped Bitcoin.
As demand for tokenized Bitcoin on Ethereum-compatible chains grows, Coinbase’s entry into this space could significantly impact market dynamics. Coinbase previously launched cbETH, a wrapped Ethereum token, in August 2022. With a circulating supply of about 210,000, cbETH has seen substantial adoption.
Jesse Pollak, the lead developer on Base, expressed enthusiasm for Bitcoin’s potential on Coinbase’s layer-2 network, stating: “I love bitcoin, am so grateful for it’s role kickstarting crypto, and we’re going to build a massive bitcoin economy on @base.”
Anndy Lian, a blockchain expert, views cbBTC as a chance for Coinbase to offer a transparent alternative to Wrapped Bitcoin (WBTC), especially amid concerns about Justin Sun’s involvement. BitGo, behind WBTC, recently partnered with BiT Global, linked to Sun, prompting him to clarify his strategic role without control over WBTC reserves. WBTC is currently the largest wrapped Bitcoin asset, boasting a market capitalization of $9 billion.
Source: https://finance.yahoo.com/news/coinbase-announces-wrapped-bitcoin-cbbtc-071011161.html
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.